Wealth Enhancement Advisory Services LLC Reduces Stock Position in DraftKings Inc. (NASDAQ:DKNG)

Wealth Enhancement Advisory Services LLC decreased its stake in shares of DraftKings Inc. (NASDAQ:DKNG) by 9.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,359 shares of the company’s stock after selling 3,398 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in DraftKings were worth $1,167,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Beacon Pointe Advisors LLC raised its holdings in shares of DraftKings by 1.9% during the 4th quarter. Beacon Pointe Advisors LLC now owns 10,699 shares of the company’s stock worth $398,000 after acquiring an additional 203 shares during the period. Nissay Asset Management Corp Japan ADV boosted its holdings in DraftKings by 0.3% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 77,696 shares of the company’s stock valued at $2,946,000 after purchasing an additional 217 shares during the last quarter. Allworth Financial LP grew its stake in shares of DraftKings by 8.0% in the 4th quarter. Allworth Financial LP now owns 3,659 shares of the company’s stock valued at $150,000 after buying an additional 271 shares during the period. Snowden Capital Advisors LLC increased its holdings in shares of DraftKings by 3.5% during the 4th quarter. Snowden Capital Advisors LLC now owns 8,724 shares of the company’s stock worth $325,000 after buying an additional 296 shares during the last quarter. Finally, Amalgamated Bank raised its position in shares of DraftKings by 1.1% during the 4th quarter. Amalgamated Bank now owns 29,911 shares of the company’s stock valued at $1,113,000 after buying an additional 327 shares during the period. Institutional investors and hedge funds own 37.70% of the company’s stock.

Insider Buying and Selling

In related news, insider R Stanton Dodge sold 52,777 shares of the company’s stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $32.28, for a total value of $1,703,641.56. Following the completion of the transaction, the insider now directly owns 601,520 shares of the company’s stock, valued at $19,417,065.60. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jocelyn Moore sold 3,136 shares of the business’s stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $35.28, for a total transaction of $110,638.08. Following the sale, the director now owns 5,947 shares of the company’s stock, valued at $209,810.16. This represents a 34.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,127,504 shares of company stock worth $42,687,810. Corporate insiders own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DKNG. Barclays lowered their price objective on DraftKings from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, May 12th. Sanford C. Bernstein assumed coverage on DraftKings in a report on Wednesday, June 4th. They set an “outperform” rating and a $46.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $65.00 price objective on shares of DraftKings in a report on Friday, May 9th. Citigroup decreased their target price on shares of DraftKings from $65.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. Finally, Bank of America lowered their target price on shares of DraftKings from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and twenty-seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.41.

DraftKings Stock Up 6.2%

Shares of NASDAQ:DKNG opened at $35.81 on Monday. The company has a quick ratio of 1.00, a current ratio of 0.93 and a debt-to-equity ratio of 1.24. DraftKings Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $53.61. The stock has a market cap of $31.85 billion, a price-to-earnings ratio of -33.78, a price-to-earnings-growth ratio of 1.43 and a beta of 1.63. The firm’s 50 day moving average price is $34.58 and its 200 day moving average price is $38.79.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.